Determinants of the performance of investment funds managed in Hungary

References

• Andor, G. & Dülk, M. (2013). Harmonic mean as an approximation for discounting intraperiod cash flows. The Engineering Economist, 58, 3–18. 10.1080/0013791X.2012.742607
   Web of Science ®Google Scholar
• Bae, K. H., Stulz, R. M., & Tan, H. (2008). Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts. Journal of Financial Economics, 88, 581–606. 10.1016/j.jfineco.2007.02.004
   Web of Science ®Google Scholar
• Banegas, A., Gillen, B., Timmermann, A., & Wermers, R. (2013). The cross section of conditional mutual fund performance in European stock markets. Journal of Financial Economics, 108, 699–726. 10.1016/j.jfineco.2013.01.008
   Web of Science ®Google Scholar
• Bollen, N. P., & Busse, J. A. (2005). Short-Term persistence in mutual fund performance. Review of Financial Studies, 18, 569–597. 10.1093/rfs/hhi007
   Web of Science ®Google Scholar
• Bóta, G. & Ormos, M. (2015). Development of stock market pricing in Central and Eastern Europe through two decades after the transition. Empirica, 42, 685–708. 10.1007/s10663-014-9272-0
   Web of Science ®Google Scholar
• Carhart, M. M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52, 57–82. 10.1111/j.1540-6261.1997.tb03808.x
   Web of Science ®Google Scholar
• Chan, K., Covrig, V., & Ng, L. (2005). What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide. The Journal of Finance, 60, 1495–1534. 10.1111/j.1540-6261.2005.768_1.x
   Web of Science ®Google Scholar
• Covrig, V., Lau, S. T., & Ng, L. (2006). Do domestic and foreign fund managers have similar preferences for stock characteristics? A cross-country analysis. Journal of International Business Studies, 37, 407–429. 10.1057/palgrave.jibs.8400195
   Web of Science ®Google Scholar
• Dariusz Filip, D. (2011). Performance persistence of equity funds in Hungary. Contemporary Economics, 5, 18–34. 10.5709/ce.1897-9254.2
   Google Scholar
• Errunza, V. & Losq, E. (1985). International asset pricing under mild segmentation: Theory and test. The Journal of Finance, 40, 105–124.
   Web of Science ®Google Scholar
• Fama, E. F. & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47, 427–465. 10.1111/j.1540-6261.1992.tb04398.x
   Web of Science ®Google Scholar
• Fama, E. F. & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. 10.1016/0304-405X(93)90023-5
   Web of Science ®Google Scholar
• Fama, E. F. & French, K. R. (1996). Multifactor explanations of asset pricing anomalies. The Journal of Finance, 51, 55–84. 10.1111/j.1540-6261.1996.tb05202.x
   Web of Science ®Google Scholar
• Ferreira, M. A., Keswani, A., Miguel, A. F., & Ramos, S. B. (2013). The determinants of mutual fund performance: A cross-country study. Review of Finance, 17, 483–525. 10.1093/rof/rfs013
   Web of Science ®Google Scholar
• Fung, H. G., Xu, X. E., & Yau, J. (2002). Global hedge funds: Risk, return, and market timing. Financial Analysts Journal, 58, 19–30. 10.2469/faj.v58.n6.2483
   Web of Science ®Google Scholar
• Grinblatt, M., Titman, S., & Wermers, R. (1995). Momentum investment strategies, portfolio performance, and herding: A study of mutual fund behavior. The American Economic Review, 1088–1105.
   Web of Science ®Google Scholar
• Gruber, M. J. (1996). Another puzzle: The growth in actively managed mutual funds. The Journal of Finance, 51, 783–810. 10.1111/j.1540-6261.1996.tb02707.x
   Web of Science ®Google Scholar
• Hau, H., & Rey, H. (2008). Home bias at the fund level (No. w14172). Cambridge, MA: National Bureau of Economic Research. 10.3386/w14172
   Google Scholar
• Jensen, M. C. (1968). The performance of mutual funds in the period 1945–1964. The Journal of Finance, 23, 389–416. 10.1111/j.1540-6261.1968.tb00815.x
   Web of Science ®Google Scholar
• Kahneman, D. & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263–291. 10.2307/1914185
   Web of Science ®Google Scholar
• Kosowski, R. (2011). Do mutual funds perform when it matters most to investors? US mutual fund performance and risk in recessions and expansions. Quarterly Journal of Finance, 01, 607–664. 10.1142/S2010139211000146
   Google Scholar
• Malkiel, B. G. (1995). Returns from investing in equity mutual funds 1971 to 1991. The Journal of Finance, 50, 549–572. 10.1111/j.1540-6261.1995.tb04795.x
   Web of Science ®Google Scholar
• Otten, R. & Bams, D. (2007). The performance of local versus foreign mutual fund managers. European Financial Management, 13, 702–720. 10.1111/eufm.2007.13.issue-4
   Web of Science ®Google Scholar
• Schmidt, P. S., Von Arx, U., Schrimpf, A., Wagner, A. F., & Ziegler, A. (2011). On the construction of common size, value and momentum factors in international stock markets: A guide with applications. Swiss Finance Institute Research Paper, 10–58.
   Google Scholar
• Shukla, R. K. & van Inwegen, G. B. (1995). Do locals perform better than foreigners?: An analysis of UK and US mutual fund managers. Journal of Economics and Business, 47, 241–254. 10.1016/0148-6195(95)00009-G
   Google Scholar
• Teo, M. (2009). The geography of hedge funds. Review of Financial Studies, 22, 3531–3561. 10.1093/rfs/hhp007
   Web of Science ®Google Scholar
• Tóth, Zs. E., Jónás, T. (2012). Measuring intellectual capital in the light of the EFQM Excellence Model – evidences from Hungary. International Journal of Quality and Service Sciences, 4, 316–331.
   Google Scholar